SHANGHAI, Jan. 9 (SMM) –SHFE 1203 copper contract prices, the most active one, opened down by RMB 220/mt at RMB 55,670/mt Monday. After the opening, SHFE three-month copper contract prices met resistance at the 60-day moving average and failed to rise above RMB 55,860/mt. As LME copper prices lost USD 7,500/mt and selling pressures flowed in, SHFE three-month copper contract prices slid to a low of RMB 54,800/mt in the session. In the afternoon business, since Chinese stock markets rose by nearly 3% to 2,200 points, SHFE three-month copper contract prices pare some earlier losses and fluctuated around RMB 55,150/mt. At the tail of trading, LME copper prices rallied to USD 7,500/mt, helping SHFE 1203 copper contract prices return to above the daily moving average and finally ended at RMB 55,490/mt, down RMB 400/mt or 0.72%. Positions for SHFE 1203 copper contracts were down 1,726 lots, and trading volumes were up 121,000 lots. With support at the 10-day moving average of RMB 55,400/mt but growing selling pressures from short investors, SHFE copper prices are unlikely to easily break resistance at RMB 56,000/mt over the near term.

SHANGHAI, Jan. 9 (SMM) –SHFE 1203 copper contract prices, the most active one, opened down by RMB 220/mt at RMB 55,670/mt Monday. After the opening, SHFE three-month copper contract prices met resistance at the 60-day moving average and failed to rise above RMB 55,860/mt. As LME copper prices lost USD 7,500/mt and selling pressures flowed in, SHFE three-month copper contract prices slid to a low of RMB 54,800/mt in the session. In the afternoon business, since Chinese stock markets rose by nearly 3% to 2,200 points, SHFE three-month copper contract prices pare some earlier losses and fluctuated around RMB 55,150/mt. At the tail of trading, LME copper prices rallied to USD 7,500/mt, helping SHFE 1203 copper contract prices return to above the daily moving average and finally ended at RMB 55,490/mt, down RMB 400/mt or 0.72%. Positions for SHFE 1203 copper contracts were down 1,726 lots, and trading volumes were up 121,000 lots. With support at the 10-day moving average of RMB 55,400/mt but growing selling pressures from short investors, SHFE copper prices are unlikely to easily break resistance at RMB 56,000/mt over the near term.